Key facts
- SpaceX is preparing for an initial public offering that could be the largest in history.
- Previous reports indicated SpaceX was seeking about $80 billion for its IPO.
- The deal could value SpaceX at over $1 trillion.
- In the first quarter, SpaceX reported a net loss of nearly $4.3 billion on revenue of $4.7 billion.
- SpaceX's rocket-launching business had an operating loss of $662 million in Q1.
- SpaceX's AI business lost nearly $2.5 billion in Q1.
SpaceX's planned initial public offering, initially anticipated to invigorate the global IPO market, has seen its momentum falter four months after its expected June debut. The space-launch company has filed financial information with regulators, signaling preparations for what could be the largest listing in history.
Previous media reports suggest SpaceX is seeking approximately $80 billion, which would dwarf Saudi Aramco's $29 billion offering in 2019. The deal could value SpaceX at over $1 trillion, potentially surpassing Tesla in worth and making Elon Musk, who controls 85% of the company's voting power, potentially the world's first trillionaire.
The IPO is also viewed as a significant indicator for the artificial intelligence sector, with potential listings from AI companies like OpenAI and Anthropic also on the horizon. SpaceX, which merged with Musk's AI company xAI last year, is investing heavily in its ambitions, including data center development and its Starship rocket.
However, the company's financial performance in the first quarter of this year showed losses in its rocket-launching and AI businesses, with a net loss of nearly $4.3 billion on $4.7 billion in revenue. Only its Starlink satellite communications business reported an operating profit of $1.2 billion.